# 代寫：股息回報與普通股總回報之比

(1)式。

P1 -表示先前持有的股份

P0-表示按最近估值計算的股份預計應付款額

D1-表示假設在年底產生的股息。

(4)式。

P0-表示未來股票價值定價的調整現金流。

S0 -優先於t=0的先前持有股票的股息定價，

Dt-紅利值在t到t=0時被清除，

i -現時利率

Xt – t時段的現金流量

Ft – t時段產生的數量

T -未來基金清盤期間

ΔFt。=增加的數量

(1 + i)ΔFt——增量重新付款

Dividend puzzle is nothing but a clarification of dividend payment by the organizations and also approach of investors towards dividend. Shareholders use to take risk investing in stocks and shares and dividend could be a return of that risk (Baker, 2009). Dividend is an important motivational factor which forces other to buy shares with maximized price. Investors are focused to the dividends as they try to secure a good profit by selling the shares at proper time with maximum price value (Nguyen and Nguyen, 2015). As per Professor Black, still market experts are confused about the characteristics of investors and the impact of dividend payment. In this regards, the approaches of Miller and Modigliani (M&M) in 1961 could be referred what concludes the least impact of dividend on shareholders property.
Stock Valuation:
The cash flow with a proper time bracket is needed to be measured to determine the total asset valuation of an organization. In case of common shares, the cash flow of an organization should be determined by the impact of dividend and the amount of stock sales value (Harris, 2011). If someone is interested to own a common stock share, then he needs to plan it before one year. It can be represented by below mentioned formula:
(Eq. 1)
P1 – represents the previously hold share
P0- represents the projected amount payable for shares as per recent valuation
D1- represents the dividend what is assumed to be generated end of the year.
It might happen that the investors are interested to postpone the selling of their shares for a year to maximize the share values which will be represented by d2 here (Babenko, Tserlukevich & Vedrashko, 2012). Hence, p2, p3, p4 will come into the scenario and it will create a never ending infinite process Pn (n represents infinite). The equation will be represented as:
(Eq. 4)
P0- represents the adjusted cash flow for future share value pricing.
The impact of dividend polices on owner’s wealth:
Certainty and uncertainty of dividends should be assumed as per cash flows of an organization. The assumption of capital market is also a key factor to have a perfect decision for the shareholders (Allen & Michaely, n.d.).
Certainty:
In case of a new organization, the leverage and dividend policies will have a strong impact on the capital structure of it. It can be portrayed with a formula:

S0 – Dividend pricing of previously hold stock which are preferred to be at t=0,
Dt- Dividend value that has been cleared at time period of t to t=0,
i – Current rate of interest
It – Invested amount at t time period
Xt – Cash flow at t time period

Ft – Amount generated at t time period
T – Future time period of fund liquidation
Solving for Dt and plugging into Eq. 5 yields
and simplifies to,

ΔFt. = Incremental amount
(1+i)ΔFt- – Incremental re payment

In other hand, uncertainty is also included with such dividend policies. It is affected by improper market assumptions also. Although investors have expected a good profitability or return through dividend policies, it could be hampered due to risk taking investment on different projects (Lease, 2000).